XRP price is slowly moving lower below $2.30. The price is still following a bullish pattern and might start a fresh surge unless it dips below $1.860.
XRP Price Eyes Bullish Reversal
In the past few days, XRP price saw a steady decline from the $2.450 resistance zone. It dipped below the $2.320 and $2.30 support levels, underperforming Bitcoin. The decline was such that the price traded below the 50% Fib retracement level of the upward move from the $1.6155 swing low to the $2.6540 high.
Finally, the price spiked below the $2.00 support zone before the bulls appeared. It is now consolidating below the $2.30 support zone and the 50-day simple moving average (blue).
XRP price is still following a declining channel or a possible bullish flag pattern with current resistance at $2.20 on the daily chart. Therefore, the bulls might soon attempt a fresh increase.
Immediate resistance on the upside is near the $2.20 level and the channel’s trend line. The first major resistance is near the $2.30 level and the 50-day simple moving average (blue). A close above the $2.30 level could open the doors for another surge.
In the stated case, the price could rise toward the $2.450 level. The next resistance is near the $2.60 level, above which the price could accelerate higher toward the $2.650 resistance. Any more gains might open the doors for a move toward the $3.00 zone.
Downside Continuation?
Conversely, XRP price might fail to clear the $2.30 resistance and start another decline. Immediate support is near the $2.020 level. The first major support sits near the $1.960 level.
The next major support is near the $1.860 level and the 76.4% Fib retracement level of the upward move from the $1.6155 swing low to the $2.6540 high. A daily close below the $1.860 level could negate the current bias and start a sustained decline.
In the stated case, the bears might aim for a move toward the $1.720 support. If the bulls fail to protect the $1.720 level, the price could even decline below the $1.70 zone in the medium term. The main support could be $1.6150, below which the price could drop to $1.40, and the 1.236 Fib extension level of the upward move from the $1.6155 swing low to the $2.6540 high.
Overall, XRP price is consolidating above the $2.020 support zone. To start a fresh surge, the price must settle above $2.20 and $2.30. If not, there is a risk of a larger decline toward the $1.6150 support.
